KARACHI: Amid mounting economic pressures, a recent Ipsos survey reveals a sharp decline in national optimism, with only 10% of Pakistanis believing the country is heading in the right direction. Released on Friday, the survey underscores a growing divide between rural and urban perspectives, with rural residents showing slightly more optimism than their urban counterparts.
The survey paints a bleak picture, highlighting a dramatic drop in optimism from 18% in the second quarter to a mere 11% in the third quarter, effectively erasing any gains made earlier this year. The persistent economic challenges continue to dominate the concerns of the populace, even as the focus shifts more intensely towards rising electricity prices and an increasing tax burden.
Interestingly, while the perception of economic challenges has eased slightly since the start of 2024, worries about electricity costs and taxes have spiked to alarming levels. The report notes that concerns about taxation have reached a four-year peak, reflecting widespread unease.
A mere 13% of Pakistanis consider the country’s economic condition strong, with optimism more prevalent among males, rural dwellers, post-graduates, and the upper class. However, even this modest confidence is eroding, with a 4% drop in those describing the economy as strong and a slight 1% increase in those deeming it weak.
Consumer confidence is also waning, with 94% of respondents feeling less comfortable making daily purchases—a drop of four percentage points from the previous quarter. This decline in economic confidence has been steady since the beginning of 2024, now reaching its lowest level since November 2023.
Moreover, hopes for local economic improvement over the next six months have sharply decreased, with only one in 10 Pakistanis expecting positive changes—a threefold decline from the optimism seen in early 2024. The third quarter also saw a reversal in confidence regarding future savings, dipping by 5%, despite a year of steady growth.
On a positive note, the survey highlights what Pakistanis cherish most about their country. Over half (54%) cited their fellow citizens as the nation’s greatest asset, appreciating qualities like hospitality, helpfulness, and respectfulness. Additionally, 42% of respondents expressed pride in Pakistan’s diverse culture, while 35% admired the country’s stunning landscapes. A third of those surveyed praised the nation’s rich culinary heritage, particularly local dishes like biryani. As a Muslim-majority country, 16% of respondents took pride in Pakistan’s Islamic identity, grounded in the country’s foundational values and ideology.
This survey underscores the complex interplay of economic hardship and cultural pride among Pakistanis, reflecting both growing challenges and enduring strengths.
